Yahoo! Beats Wall St. Expectations
SAN JOSE, Calif. (AP) _ Second-quarter earnings at Yahoo! Inc. edged past Wall Street expectations Wednesday, though the Internet giant said its results in the current quarter could fall slightly below current estimates.
Proving that the Internet economy remains deep in the doldrums, Yahoo showed a net loss of $48.5 million, or 9 cents per share, in the three-month period ending June 30, compared to a profit of $53.3 million, or 9 cents per share, a year ago.
Excluding restructuring charges and other one-time items, Yahoo earned $8.7 million, or 1 cent a share. Analysts surveyed by Thomson Financial/First Call were predicting break-even per-share results.
Revenue slipped 33 percent, to $182.2 million from $273.0 million last year, though was still better than the $175.1 million Wall Street expected.
Yahoo also said third-quarter results would be ``approximately break-even.″ The consensus Wall Street forecast, according to Thomson Financial/First Call, is for earnings of 1 cent per share. Yahoo said it still expects full-year earnings per share of 2 to 6 cents, in line with the consensus forecast of 4 cents.
Shares of Yahoo were up $1.07 to $18.10 in after-hours trading after finishing the regular session on the Nasdaq Stock Market at $17.03, off 80 cents.
On the Net: http://www.yahoo.com